Shale gas boom increasing chemical exports, freight tanker rates

The increase in chemical exports to Asia, spurred by U.S. shale gas supplies, has bumped tanker prices to their highest level in five years. Rates will rise about 12% next year, averaging $14,500 per day, RS Platou Markets estimates. China imports the majority of organic chemicals, according to the American Chemistry Council, while the U.S. is the biggest exporter.